Canadian digital currency remittances to Asian countries up 141% to $2.36 billion: Chainalysis
Remittance-sized cryptocurrency transfers from Canada to three Asian countries reached $2.36 billion, while transfers to the Philippines alone rose 28 percent to $61 million.
Remittance-sized cryptocurrency transfers from Canada to three Asian countries reached $2.36 billion, while transfers to the Philippines alone rose 28 percent to $61 million.
Remittance-sized crypto transfers from Canada to India, China and the Philippines surged 141 percent year-over-year to $2.36 billion, as digital asset payments expanded across the three main remittance corridors.
According to a new report from Chainalysis, these three countries account for 194% of Canada's offshore stablecoin value, up from 10.9% last year. Transfers totaled 3.56 million transactions in the 12 months to June 2026, averaging $663 per transaction.
Canadian cryptocurrency remittances to the Philippines alone reached $61.02 million in 73,564 transactions, up 28 percent and 34.7 percent, Chainalysis head of research Eric Jardine said, citing additional data shared with Cointelegraph. This analysis covers Bitcoin and stablecoins above $10,000 to and from personal wallets.
Chainalysis ranked Canada as the strongest peer-to-peer (P2P) crypto economy among G7 countries, citing a large foreign-born population and the cost of traditional remittance services as potential drivers of adoption.
North American crypto economy, by reporting period. Source: Chainalysis
About 23 percent of Canada's population is foreign-born, which is the highest share in the G7 group, according to Marwa Rouhani, executive director of the Web3 Canada Council.
There are many remittance corridors to India, the Philippines, Nigeria, Pakistan and China. They have been used." Rouhani said in this report.
The report states that stablecoins accounted for 44% of Canadian dollar-based order book volume in June, up 30% from a year earlier. Chainalysis cited World Bank estimates that put the average cost of sending money from Canada at 6.7 percent, although lower blockchain settlement fees do not account for currency conversion and cash fees.
The report also found that Canada's domestic P2P activity has followed changes in its temporary visa holder population since mid-2021, although Chainalysis cautioned that the relationship is correlational rather than causal. Jardine told Cointelegraph that the company does not limit its analysis to the smallest transfers to avoid "removing the real value of the remittance".
Previous research by Chainalysis shows that global stablecoin cross-border flows rose 77.5% to $220.3 billion in the year to June.